Limiting the search depth is much more deterministic. At lower levels, it has hilarious results, and is pretty good at emulating beginning players (who know the rules, but have a limited skill of calculating moves ahead).
One problem with fixed search depth is that I think most good engines prefer to use dynamic search depth (where they sense that some positions need to be searched a bit deeper to reach a quiescent point), so they will be handicapped with a fix depth.